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Registration number: 08963353

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

Company Information

Registered office

Northern Way Industrial Estate
Northern Way
Bury St Edmunds
Suffolk
IP32 6NL

Accountants

ESSEX & EAST LONDON ACCOUNTANTS LIMITED
Suite G04 1 Quality Court
Chancery Lane
London
WC2A 1HR

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

(Registration number: 08963353)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

63,885

55,678

Current assets

 

Stocks

5

140,000

230,000

Debtors

6

249,929

128,147

Cash at bank and in hand

 

15,178

314,862

 

405,107

673,009

Creditors: Amounts falling due within one year

7

(268,859)

(574,824)

Net current assets

 

136,248

98,185

Net assets

 

200,133

153,863

Capital and reserves

 

Called up share capital

8

1

1

Profit and loss account

200,132

153,862

Shareholders' funds

 

200,133

153,863

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 February 2024 and signed on its behalf by:
 

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

(Registration number: 08963353)
Balance Sheet as at 31 May 2023

.........................................
Mr Jason Boseley
Director

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Northern Way Industrial Estate
Northern Way
Bury St Edmunds
Suffolk
IP32 6NL
United Kingdom

These financial statements were authorised for issue by the Board on 19 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

Reducing balance 25%

Plant and machinery

Reducing balance 25%

Office equipment

Reducing balance 25%

Motor vehicles

Reducing balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

2,218

36,333

1,752

42,916

83,219

Additions

-

25,595

-

1,762

27,357

At 31 May 2023

2,218

61,928

1,752

44,678

110,576

Depreciation

At 1 June 2022

1,372

9,338

985

15,846

27,541

Charge for the year

211

13,147

189

5,603

19,150

At 31 May 2023

1,583

22,485

1,174

21,449

46,691

Carrying amount

At 31 May 2023

635

39,443

578

23,229

63,885

At 31 May 2022

846

26,995

767

27,070

55,678

5

Stocks

2023
£

2022
£

Other inventories

140,000

230,000

6

Debtors

2023
£

2022
£

Trade debtors

181,626

63,770

Prepayments

6,507

5,000

Other debtors

61,796

59,377

249,929

128,147

7

Creditors

Creditors: amounts falling due within one year

 

FORNHAM TIMBER LTD

trading as FORNHAM TIMBER LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

133,381

100,036

Trade creditors

 

66,064

406,702

Taxation and social security

 

68,681

66,552

Other creditors

 

733

1,534

 

268,859

574,824

8

Share capital

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

66,733

59,000

Bank overdrafts

-

5,570

Other borrowings

66,648

35,466

133,381

100,036